A Guide to Online Wine Auctions
If you love rare wines, you must definitely try your hand at wine auctions. Usually, exclusive and best quality wines are sold in auctions which are not available in retail stores. Participating in wine auctions is an intriguing experience yet it is important to understand the nitty-gritties of the trade. So let’s get started.
Choose Authentic Websites
Finding everything online has brought convenience and accessibility. It has also led to crimes and misleading. It is easier to operate things online, but it is always better to check before visiting any online website. Make sure you place your bids on authentic wine auction websites and not any random website. This may lead to loss of money and trust in the process.
Research
Start by knowing about wines — grapes, region and price range. Auctions have hundreds of wine bottles of different varieties. Therefore, it’s important to know what to auction for by shortlisting options for yourself. Putting out your money on any random collection can be a sheer waste. Choose by filtering the lot on the basis of wine region, vintage, cost and the bid on that lot.
Cross check the prices
You have to be smart enough to carefully cross check the retail prices and auctioned prices. Always check the latest auction prices for approximately 10,000 cellar-worthy wines.
Be an early bird
You must try to bid as early as possible so you pay the least and it works in your favour. That’s how it works. Start with as low as $9 because after that the bid price will increase. It’s better to start with a low bid unless it’s the rarest of the rare wine you come across.
Set a price range
Decide a price range for yourself and then bid accordingly. Don’t go on overthrowing your money just like that. You can easily compare the prices online and estimate the value of the wine lot. This will help you get the best wine at the best price.
Know the wine condition
Auction houses evaluate wines on the basis of where and how they were stored and on the condition of the bottle considering the shape the label is in, how full the bottle is, etc. but you can’t know how the wine will taste or whether you’ll like the way it’s aged or even that it’s not corked.
Pick the right vintage
Don’t keep any prejudices when it comes to vintage. It is important to look for vintages that may not have been received well initially. Take for example, 2007 Bordeaux was not lauded on release, although the wines are drinking well now. You are likely to find better deals on these vintage wines.
Old and new wines
Make a note that old wines will taste different from the new ones.
If you buy wine at retail or restaurants, you must know that aged bottles will taste different. Their tannins soften, oak folds in, more overt fruit flavors mellow and other flavors emerge. All wines age differently. Developing a palate for their taste may take you some time but the experience will be worth it.
Be aware of the buyer’s premium
Every auction house charges a buyer’s premium which is an additional amount on top of the selling price. This premium varies from buyer to buyer. Check the premium of the buyer beforehand so that you don’t feel cheated.
Look out for specialists
Online wine auctions have specialists to answer your questions. Wherever and whenever you feel stuck, reach out to them and clear all your doubts before placing your bids.
Bid on same wine or their lots
It is advisable to not place your bids on mixed cases. Choose single wine bottles to bid on. Putting mixed cases in auctions is a way to move along their cellar’s random one-offs. Research your way out to find competitive prices, and look into vintage reports so you know what to expect.
Wines can take time to be delivered
Shipment can take time, therefore it’s better not to expect the order the week you placed. Afterall, the more you way, the more you will experience the joy of receiving the parcel.
Hope this helps you understand the basics of wine auctions and whenever you start your game, you will keep these tips in mind. Happy Auctioning!